Exercise 11-7A Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the stock issued and outstanding at January 1, Year 1. 52,000 shares of S14 par common stock. 2. 4,500 shares of $80 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 4,500 shares of preferred stock and a S4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20 Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders b. Prepare general Journal entries to record the declaration and payment of the cash dividends. (If no entry Is requlred fora transaction/event, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet On June 10, Weaver Corporation declared the annual cash dividend on its 4,500 shares of preferred stock and a $4 per share dividend for the common Note: Enter debits before credits Date Debit Credit June 10 Record entry Clear entry View general journal